In the midst of endless bad news on the economy and the housing crisis, a fact stands out for every homeowner who worries about foreclosure:

Banks don’t want to own your home. They lose money when they do. Managing property and selling real estate are not the businesses they want to be in.

Yet all one sees in the news is how millions of people are in danger of foreclosure. What is not being reported is that an intermediary, legally and financially trained professionals, can help you recast your mortgage through loan modifications. Federal loan modifications are being undertaken by thousands of people who have undergone one or several of the following hardships:

• Adjustable ARM loans that have risen beyond affordability.
• Job loss or work reduction, income interruption enough to make a mortgage refinance the only possibility.

Even if a homeowner’s credit rating has slipped and they are already behind in their mortgage payments, workout plans with the bank can be negotiated. The trained professionals can and should review your case before asking for fees, and those fees should be reasonable: about $300, enough to cover their costs, without add-ons or other surprises.

Just as important as being able to stop foreclosure, a loan modification consultant helps relieve the emotional stress that almost seems to be required for foreclosure prevention. (Note: It doesn’t. This is a business transaction, best managed with a calm approach.) They are professionals, working on your behalf with knowledge on what banks need too.